7/8/16 was only down -0.09 to 82.23. The weakness of the NNNs has opened the "Gap" to 2.41 with the NNNs at a discount to the component. And there are only five more days of data to get us to cash settlement. Packers came up with a bunch of more expensive hogs to kill on Friday and that kept the component up more than the model projected.

The six-day moving average carcass weight firmed to 209.70#. That is -1.69# yr/yr. Packer hogs are only +0.84# heavier than the non-packer hogs. Packers have really been getting current in their shipments and I wonder the meaning of that???

Are they running short of hog?

Or have they been marketing their hogs when prices were firm and are super current for the lower priced fall hog prices?

The numbers are not telling me there are the large number of hogs that I read about on the Internet nor are they totally supportive of the heavy hogs in the last H&P report.

I just bought a pair of NNN futures because of the wide "Gap" and only five days to get it closed. A paltry ten cents a day won't close that "Gap".

Best wishes,

dhm
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